According to five different trade sources cited by Reuters, Saudi Arabia's crude oil exports to China will rise to their highest level in two years in August.
Yesterday at 10:29 AM
Oil market News
Categories
Saudi Arabia cuts oil export prices to Asia after OPEC+ production increase
Bloomberg reports that Saudi Aramco has reduced Arab Light crude prices for Asian buyers amid OPEC+'s continued production increases for a third consecutive month. Over the weekend, the producer group's leader approved a July production hike of 411,000 barrels per day.
5 June
Oil operations begin rebounding in Alberta as rain provides wildfire relief
Two days of rain have slowed the spread of devastating wildfires across Alberta, allowing some oil production to resume, Bloomberg reports. Nevertheless, the danger persists, with 25 wildfires still burning out of control across the province, the heart of Canada's oil production.
5 June
According to Bloomberg, Saudi Arabia plans to push OPEC+ to increase oil production by 411,000 barrels per day in August and potentially September. Riyadh aims to boost output as soon as possible to take advantage of peak summer demand in the Northern Hemisphere.
5 June
Banks expect WTI oil to fall below $60 in 2025 — Haynes Boone survey
The price of benchmark oil grade WTI is projected to average $58.30 per barrel in 2025, driven by weakening global demand and rising production from OPEC+ and the United States. This forecast comes from law firm Haynes Boone’s spring survey, which included a record total of 28 participating banks.
5 June
According to analysts of the International Energy Agency (IEA), this year, the global volume of investment in the oil industry will fall by 6%. Excluding the period of the COVID-19 pandemic, such a drop will be the first of this type over the past decade.
5 June
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
4 June
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
4 June
A decrease of the indicator value may contribute to the fall in quotes of Gasoline, WTI, Brent.
4 June
Oil prices stabilize as Canadian wildfires slow and US inventories decline
Oil prices stabilized after a two-day rally as rains helped slow the spread of wildfires that had disrupted crude production in Canada.
4 June
Key US oil market gauges strengthen amid threat of reduced supplies from Canada
Key indicators of the US oil market are rising rapidly amid wildfires sweeping through Canada. These natural disasters threaten to reduce supplies to US storage facilities, which would limit the impact of increased supply from OPEC+, Bloomberg reports.
4 June
News on oil prices is not just information for specialists. This is an important signal for every experienced trader. This section of the website will help you understand when there’s a "Strong buy" signal for oil and when it is a "Strong sell" signal.
Oil price movements are more than just charts on a screen. It is one of the key drivers of the global economy. Understanding these dynamics helps in making rational decisions and adapting to changes.
What determines oil prices?
- Global events. Political crises, conflicts, and agreements between producing countries have a huge impact on oil prices.
- Supply and demand. When many consumers try to buy oil that is in deficit – the prices go up. Otherwise, when supply is greater than demand, the prices go down.
- Russia and Saudi Arabia. These countries are among the leading oil producers. Their decisions on oil output have a direct impact on the global market.
- OPEC. This is a group of oil-producing countries. Their agreements on production cuts are aided at stabilizing prices.
- Alternative energy sources. The development of solar, wind, and other power stations can weaken the countries' dependence on oil and put pressure on its prices.
- Electric cars. The increasing popularity of electric cars reduces the need for gasoline and, consequently, for crude oil.
- Global tensions. Oil is a strategic resource. Geopolitical events can affect its production and prices.
- Environmental constraints. Rising environmental awareness may reduce demand for oil, affecting its price.
Why follow the latest oil news?
- To make informed investment decisions. Being aware of the oil industry news helps you make conscious choices.
- To assess the impact on the economy. Oil prices can affect inflation, economic growth, and even our wages.
